Upgrading Rebecca Street apartments

WOOSTER -- Come spring, an apartment complex on Rebecca Street will be given new life, and residents are hopeful about the pending changes.

The project is being made possible, in part, by financing from Wayne Savings Community Bank.

The apartments provide housing for low- to moderate-income families, and it is the kind of project the bank has been looking to participate in, said H. Stewart Fitz Gibbon III, Wayne Savings' president and chief operating officer.

For years, Fitz Gibbon has been watching to see what projects get funded by the Ohio Capital Corporation for Housing, but there have been none around here.

Banks have an obligation to help low- to moderate-income families, and Fitz Gibbon remained vigilant a project would come along within the area served by Wayne Savings, which is Wayne County and neighboring areas.

"This is a rare opportunity for us to help provide low-income housing in our own backyard," Fitz Gibbon said.

The project was too big for Wayne Savings to handle alone, so it is working with other lenders through OCCH, the nation's largest locally controlled capital fund dedicated to low-income rental housing development.

So far in 2012, about 15 banks have invested $180 million in an equity fund syndicated by OCCH. For six of the institutions, like Wayne Savings, it is the first time investing with the organization. The investments will help build 37 properties with more than 1,700 units of affordable housing.

"To build new partnerships with so many community banks is a reflection of their commitment to under-served neighborhoods, as well as our solid management," Hal Keller, president of Ohio Capital Corporation for Housing, stated in a news release.

"We're investing in Ohio Capital Corporation's expertise and track record of success," Fitz Gibbon said. "Ohio Capital Corporation allows community banks like ours to combine and leverage our funds to meet the needs of low-income families, the elderly and disabled residents in our communities."

Cincinnati-based Miller Valentine Group will spend about $3.9 million in acquiring the complex and doing the upgrades, which will include things like air conditioning, garbage disposals and dishwashers. The exteriors will get face lifts, too. This will be the first major overhaul since the apartments were built in 1968.

Crystal Sigler moved into one of the apartments 12 years ago, and her mother, Sharon Beckwith, moved into another six years ago. Both said they are glad the renovations are in the works.

"I am grateful," Beckwith said.

"Me, too, we need it," Sigler said.

Overall, living in the apartments has been good, Sigler said. She likes the manager and the landlord. However, the units are getting old and need some attention.

"A majority (of renters) in here are grateful they will be doing something," Beckwith said. "We can't afford high rent. They are going to be nice when they are done."

The current owner has taken care of major problems, but Sigler and Beckwith said their units can use some paint and new cupboards.

"It's just everything is old," Sigler said. "Everything is outdated."

The project is further aided by a tax abatement approved by Wooster City Council in August and tax credits from the federal government.

Reporter Bobby Warren can be reached at 330-287-1639 or bwarren@the-daily-record.com. He is @BobbyWarrenTDR on Twitter.